WALTHAM, Mass., Nov. 6 /PRNewswire-FirstCall/ -- Repligen Corporation
(Nasdaq: RGEN) today reported results for the second quarter of fiscal year
2009, ended September 30, 2008. Total revenue for the quarter was
$5,090,000 compared to total revenue of $5,352,000 for the second quarter
of fiscal year 2008 ended September 30, 2007. Total revenue was comprised
of product revenue and royalty and research revenue. Product revenue,
comprised of Protein A revenue, for the second quarter of fiscal year 2009
was $2,984,000 and royalty and research revenue was $2,106,000, comprised
primarily of royalty payments from Bristol-Myers Squibb on the U.S. sales
of Orencia(R).

Operating expenses for the second quarter of fiscal year 2009 were
$5,414,000 compared to $4,752,000 for the same time period in fiscal year
2008. This increase in operating expenses of $662,000 was primarily the
result of increased spending associated with our Phase 3 clinical trial of
RG1068 for pancreatic imaging, and preparations for our Phase 2b clinical
trial of RG2417 for bipolar depression, as well as increased research and
development costs associated with our efforts to identify a clinical
candidate for Friedreich's ataxia. These increases in spending were
partially offset by reductions in selling, general and administrative
expenses, most notably a decrease in legal expenses.

The net income for the second quarter of fiscal year 2009 was $142,000
or $0.00 per diluted share, compared to net income for the second quarter
of fiscal year 2008 of $40,306,000 or $1.29 per diluted share. The prior
year results were favorably impacted by a $40,170,000 gain from the
settlement in the litigation with ImClone Systems, Inc. during fiscal year
2008. Cash, cash equivalents and marketable securities as of September 30,
2008 were $65,606,000 compared to $60,589,000 as of March 31, 2008.

"We are in a strong position to execute our product development plan
despite the recent turmoil in the financial markets," stated Walter C.
Herlihy, President and Chief Executive Officer of Repligen Corporation. "As
of September 30th, we had $65 million or $2.10 per share in cash and
investments, no debt and we project that on an operating basis we will be
cash flow positive in fiscal year 2009 with $28 to $30 million in revenue.
We believe our stock is undervalued, and we intend to continue to
repurchase our shares under the previously announced 1.25 million share
buyback."

For the six-month period ended September 30, 2008, total revenue was
$18,750,000. Royalty and other revenue for the six-month period ended
September 30, 2008 was $10,073,000. Operating expenses for the six-month
period ended September 30, 2008 were $11,117,000, compared to $10,746,000,
exclusive of the net gain of $40,170,000 from litigation settlement, for
the same period in fiscal year 2007. Net income for the six-month period
ended September 30, 2008 was $8,421,000 or $0.27 per diluted share compared
to a net gain of $40,546,000 or $1.30 per diluted share in the same period
in fiscal year 2008.

Corporate Update

RG1068 for Imaging of the Pancreas

We are currently enrolling patients in a Phase 3 clinical trial of
RG1068, synthetic human secretin, designed to assess the ability of RG1068
enhanced magnetic resonance imaging (MRI) to improve the detection of
pancreatic duct abnormalities relative to MRI alone. Detailed visual
assessment of the pancreatic ducts is important in the assessment,
diagnosis and treatment of diseases such as acute and chronic pancreatitis.
This study is being conducted at approximately 25 clinical sites within the
United States and Canada and will enroll approximately 250 patients. This
program has been granted Fast Track Designation by the FDA, a process
designed to facilitate the development and expedite the review of drugs
that treat serious diseases and fill an unmet medical need. There are more
than 300,000 procedures conducted in the United States and Europe each year
that may benefit from enhancement with RG1068.

RG2417 for Bipolar Disorder

We have initiated a Phase 2b clinical trial of RG2417, an oral
formulation of uridine, in patients with bipolar depression. This is a
multi-center, randomized, double-blind, placebo-controlled clinical trial
in which approximately 150 patients with bipolar depression will receive
either RG2417 or a placebo twice a day for eight weeks. This study is
designed to assess the efficacy and safety of RG2417 on the symptoms of
depression as measured by the Montgomery-Asberg Depression Rating Scale
(MADRS) and the Clinical Global Impression of Change in Bipolar Disorder
scale (CGI-BP-C). This study is based on the positive results of a Phase 2a
study in which 83 patients received either RG2417 or a placebo twice a day
for six weeks. Over the six- week treatment period, the study demonstrated
a statistically significant improvement in the symptoms of depression in
the patients receiving RG2417 when compared to placebo on the MADRS
(p=0.01) and the CGI-BP-C (p=0.04).

HDAC Inhibitors for Friedreich's Ataxia and Huntington's Disease

We are currently developing inhibitors of histone deacetylases (HDACs)
which may have utility in treating progressive, inherited neurodegenerative
diseases such as Friedreich's ataxia and Huntington's disease. We have
identified several potential clinical candidates and are further
characterizing these leads in animal models for their pharmacologic,
toxicologic and pharmacodynamic profiles. Repligen announced receipt of a
$1 million research grant from the Muscular Dystrophy Association and a
$125,000 grant from the Friedreich's Ataxia Research Alliance and the
National Ataxia Foundation. The grants will further the development,
characterization and selection of a drug candidate for human clinical
trials as well as support the development of tools ("biomarkers") to
monitor the desired biological impact of the drugs in clinical trials.

Repligen is also studying this class of compounds in order to identify
a potential treatment for Huntington's disease. Scientists at the Scripps
Research Institute recently published results of a preclinical study
demonstrating that HDAC inhibitors improved disease symptoms in a
transgenic animal model of the disease. The study, entitled "The HDAC
Inhibitor 4b Ameliorates the Disease Phenotype and Transcriptional
Abnormalities in Huntington's Disease Transgenic Mice" was published in the
Proceedings of the National Academy of Sciences.

Stock Repurchase Program

In June 2008, Repligen announced that its Board of Directors authorized
the repurchase of up to 1.25 million shares of its common stock. To date,
the Company has repurchased more than 350,000 shares for an aggregate cost
of approximately $1.4 million.

Quarterly Conference Call

Walter C. Herlihy, Ph.D., will host a conference call and webcast on
Thursday, November 6th at 10:00 a.m. EST, to review second quarter fiscal
year 2009 financial results and expectations and provide a quarterly update
of the Company. This call is being webcast and can be accessed via
Repligen's website at http://www.repligen.com or you may also listen to the live
broadcast by calling (866) 825-3209 for domestic calls and (617) 213-8061
for international calls. Participants must provide the following passcode:
62476438. For those who cannot participate in the live conference call, an
archive of the audio webcast will be available shortly after the call and
may be accessed at http://www.repligen.com.

About Repligen Corporation

Repligen Corporation is a biopharmaceutical company focused on the
development of novel therapeutics for neurological disorders. In addition,
we are the world's leading supplier of recombinant Protein A, the sales of
which partially fund the advancement of our development pipeline while
supporting our financial stability. Repligen's corporate headquarters are
located at 41 Seyon Street, Building #1, Suite 100, Waltham, MA 02453.
Additional information may be requested from http://www.repligen.com.

REPLIGEN CORPORATION

STATEMENTS OF OPERATIONS

(Unaudited)

Three months ended Six months ended

September 30, September 30,

2008 2007 2008 2007

Revenue:

Product revenue $2,984,304 $5,156,348 $8,677,647 $10,887,824

Royalty and other

revenue 2,105,620 195,973 10,072,522 443,315

Total revenue 5,089,924 5,352,321 18,750,169 11,331,139

Operating expenses:

Cost of product

revenue 1,210,644 1,412,428 3,057,045 3,126,727

Cost of royalty and

other revenue 210,612 - 535,612 -

Research and

development 2,463,419 1,153,994 4,547,544 3,291,320

Selling, general and

administrative 1,529,767 2,185,799 2,976,338 4,327,930

Net gain from

litigation

settlement - (40,170,000) - (40,170,000)

Total operating

expenses 5,414,442 (35,417,779) 11,116,539 (29,424,023)

Income (loss) from

operations (324,518) 40,770,100 7,633,630 40,755,162

Investment income 515,235 365,900 1,047,820 623,267

Interest income

(expense) 884 (2,451) (1,021) (4,902)

Income (loss) before

income taxes 191,601 41,133,549 8,680,429 41,373,527

Provision for income

taxes (49,545) (827,471) (259,545) (827,471)

Net income (loss) 142,056 40,306,078 8,420,884 40,546,056

Earnings (loss) per

share:

Basic $- $1.31 $0.27 $1.32

Diluted $- $1.29 $0.27 $1.30

Weighted average shares

outstanding:

Basic 31,172,706 30,767,384 31,160,555 30,667,249

Diluted 31,555,896 31,224,386 31,568,948 31,150,073

Balance Sheet Data: September 30, 2008 March 31, 2008

Cash and marketable securities* $65,605,949 $60,589,054

Working capital 53,762,900 49,831,378

Total assets 76,020,837 68,839,707

Long-term obligations 130,365 143,043

Accumulated deficit (112,068,850) (120,576,819)

Stockholders' equity 72,784,029 64,106,855

*does not include restricted cash

This press release contains forward-looking statements which are made
pursuant to the safe harbor provisions of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. The forward-looking statements in this release do not
constitute guarantees of future performance. Investors are cautioned that
statements in this press release which are not strictly historical
statements, including, without limitation, statements regarding current or
future financial performance and position, management's strategy, plans and
objectives for future operations, plans and objectives for product
development, plans and objectives for present and future clinical trials
and results of such trials, plans and objectives for regulatory approval,
litigation, intellectual property, product development, manufacturing plans
and performance such as the anticipated growth in the monoclonal antibody
market and our other target markets and projected growth in product sales,
constitute forward-looking statements. Such forward-looking statements are
subject to a number of risks and uncertainties that could cause actual
results to differ materially from those anticipated, including, without
limitation, risks associated with: the success of current and future
collaborative relationships, the market acceptance of our products, our
ability to compete with larger, better financed pharmaceutical and
biotechnology companies, new approaches to the treatment of our targeted
diseases, our expectation of incurring continued losses, our uncertainty of
product revenues and profits, our ability to generate future revenues, our
ability to raise additional capital to continue our drug development
programs, the success of our clinical trials, our ability to develop and
commercialize products, our ability to obtain required regulatory
approvals, our compliance with all Food and Drug Administration
regulations, our ability to obtain, maintain and protect intellectual
property rights for our products, the risk of litigation regarding our
intellectual property rights, our limited sales and manufacturing
capabilities, our dependence on third-party manufacturers and value added
resellers, our ability to hire and retain skilled personnel, our volatile
stock price, and other risks detailed in Repligen's filings with the
Securities and Exchange Commission. Repligen assumes no obligation to
update any forward-looking information contained in this press release or
with respect to the announcements described herein.

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